The European Bank for Reconstruction and Development (EBRD) has just signed a new partnership agreement with the Moroccan Bank for Trade and Industry (BMCI). The €20 million loan is intended for private investments made by companies with a positive impact on the environment.
The Moroccan Bank for Trade and Industry (BMCI) signed a new partnership agreement with the European Bank for Reconstruction and Development (EBRD) on February 4, 2019, in Casablanca. BMCI thus benefits from a €20 million loan to finance the GEFF Morocco (Green Economy Financing Facility) programme.
GEFF Morocco is an EBRD programme dedicated to energy efficiency, renewable energy, resource management such as water and waste management. A financing line on which BMCI is progressing rather well.
“The CSR policy implemented by BMCI, like the BNP Paribas Group, is part of the same desire to be a responsible and committed economic player in its economic and social environment. This approach structures actions already implemented for many years within the Bank, but also develops others, mainly in the field of sustainable development and environmental responsibility. ”Said Idriss Bensmail, Deputy Managing Director of BMCI.
The implementation of the GEFF Morocco programme will encourage BMCI to encourage private companies in renewable energy and environmental sectors to invest in the green economy. Companies benefiting from this programme will therefore be able to benefit from financing, a grant and technical expertise to ensure the viability of their project.
GEFF, a programme that avoids nearly 7 million tonnes of CO2 emissions per year
The EBRD’s GEFF programme also operates through a network of more than 130 local financial institutions in 24 countries around the world, with a total portfolio of nearly €4 billion. In 2018 alone, the EBRD financed this programme with €9.5 billion, enabling more than 120,000 customers to collectively avoid nearly 7 million tonnes of CO2 emissions per year.
In Morocco, the GEFF is a natural extension of MorSEFF, the Morocco Sustainable Energy Financing Facility, initiated by the EBRD in cooperation with three other European donors. From its official launch in 2015 to 2018, the MorSEFF programme mobilised €110 million as financial lines made available to Moroccan partner banks ( BMCI and Banque Centrale Populaire) for on-lending to eligible secondary borrowers (private companies) for energy efficiency and renewable energy investments.